Concentrix downgraded to Underperform at BofA on lack of near-term catalyst

As previously reported, BofA analyst Ruplu Bhattacharya downgraded Concentrix to Underperform from Neutral with a price target of $60, down from $85, as the firm lowered its FY24 revenue and EPS estimates to the lower half of the guidance range, versus the prior midpoint of guidance, following the company’s Q1 report and guidance. While the firm says the valuation “appears attractive,” it sees the demand environment remaining relatively weak and does not see a meaningful catalyst in the near-term.